Liu He is star in China's leadership revamp

Unlike the United States and other large democracies, China's central bank does not operate independently of the government, and so Mr Yi will ultimately report into President Xi Jinping.

A USA -trained economist was appointed Monday to succeed the longtime governor of China's central bank, Zhou Xiaochuan, at a time when the ruling Communist Party is trying to reduce financial risks and surging debt.

Yi's appointment is likely to be viewed as a sign of continuity in PBOC's policies as policymakers try to rein in rein in risks from an increasingly complex financial system without jolting markets or hurting economic growth.

His appointment breaks a long-standing practice to keep people with extensive experience overseas out of top government jobs.

In another development, Foreign Minister Wang Yi was chosen as a State Councilor, while retaining his ministerial post.

Mr Yi has a degree in economics from Beijing University, together with a master's degree and PhD in economics from the University of IL in the US.

Yi Gang, center, and Zhou Xiaochuan.

Harvard-educated Liu, 66, was the most prominent envoy to visit Washington recently in a bid to prevent the outbreak of a trade war.

Policy insiders said Yi's appointment on Monday can be seen as a victory for Zhou.

Zhou lured Yi to join the PBOC in 1997, when Yi was a professor at Peking University.

He has become one of four vice-premiers, with special oversight of economic and financial matters.

The People's Bank is widely seen as an advocate of conventional, market-oriented economics. He also has a degree in business administration from Hamline University in Minnesota.

Yi, by comparison, is only an alternate member of the Communist Party's central committee, the largest of the party's elite decision-making bodies, comprising 204 full members and about 170 alternate members.

Zhou was China's longest-running central bank chief, staying on past retirement age after he was appointed a vice chairman of the top advisory body to parliament in 2013, a move that made him a national leader.

Zhong Shan was re-elected as the commerce minister. Liu Kun was named finance minister.

The head of a newly merged banking and insurance regulator is also expected to be announced soon.

(Copyright © 2015. All Rights Reserved.)

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